Puravankara Projects Limited IPO receives 1.91 times subscription

The Initial Public Offering (IPO) of Puravankara Projects Limited has received subscription of 1.91 times. The IPO of the company which opened for subscription on July 31, 2007 closed today - August 8, 2007.

The original closing date for subscription was August 3, 2007 and the issue failed to receive subscription. The Book Running Lead Manager to the issue later revised the closing date to August 8, 2007 instead of the earlier closing day of August 3, 2007. The price band was also revised from Rs.500/- to 525/- per share to Rs.400/- to Rs.450/- per share.

The IPO received bids for 40921900 equity shares against the offer of 21467610 shares resulting in a subscription of 1.91 times. The issue received bids for 4365490 shares at cut-off price.

Out of the issue, Qualified Institutional Buyers (QIBs) portion received bids for 34683920 shares against the offer of 12880566 shares resulting in a subscription of 2.6927 times.

The Non Institutional Investors portion of the issue received bids for 0.9890 times with bids for 2123070 shares against the offer of 2146761 shares. The Retail Individual Investors (RIIs) portion of the issue received bids for 4114910 shares against the offer of 6440283 shares resulting in a subscription of 0.6389 times.

Source : Equity Bulls

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